<PAGE>
                                                                    EXHIBIT 99.1

TECUMSEH PRODUCTS COMPANY REPORTS FIRST QUARTER 2006 RESULTS

Tecumseh, Michigan, May 4, 2006 . . . . Tecumseh Products Company (NASDAQ-TECUA,
TECUB) announced today its 2006 first quarter consolidated results as summarized
in the following Consolidated Condensed Statements of Operations.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED)

<Table>
<Caption>
                                                                                                     Three Months Ended
(Dollars in millions, except per share amounts)                                                          March 31,
                                                                                                  ------------------------
                                                                                                   2006             2005
                                                                                                  ------------------------
<S>                                                                                               <C>              <C>
NET SALES                                                                                         $446.1           $440.2
  Cost of sales and operating expenses                                                             411.6            412.7
  Selling and administrative expenses                                                               45.2             43.4
  Impairments, restructuring charges, and other items                                                0.6              0.1
                                                                                                  ------           ------
OPERATING LOSS                                                                                     (11.3)           (16.0)
  Interest expense                                                                                  (8.4)            (6.3)
  Interest income and other, net                                                                     5.0              3.3
                                                                                                  ------           ------
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES                                                       (14.7)           (19.0)
  Tax benefit                                                                                       (5.6)            (6.5)
                                                                                                  ------           ------
  Loss from continuing operations                                                                   (9.1)           (12.5)
  Income (Loss) from discontinued operations, net of tax                                            (0.5)             0.1
                                                                                                  ------           ------
NET LOSS                                                                                           ($9.6)          ($12.4)
                                                                                                  ------           ------
Basic and diluted income (loss) per share:
  Continuing operations                                                                           ($0.49)          ($0.68)
  Discontinued operations                                                                         ($0.03)           $0.01
NET LOSS                                                                                          ($0.52)          ($0.67)
                                                                                                  ------           ------
WEIGHTED AVERAGE SHARES (in thousands of shares)                                                  18,480           18,480
                                                                                                  ======           ======
</Table>

      Consolidated net loss from continuing operations for the first quarter of
2006 was $9.1 million or $0.49 per share compared to a loss of $12.5 million or
$0.68 per share in the first quarter of 2005. The improvement reflected a 29%
reduction in operating losses before interest and taxes due to improvements in
the Electrical Components and Engine & Power Train businesses offset slightly by
a decline in the Compressor business. Loss from continuing operations before
taxes improved by $4.3 million or 23%. The improvement reflected the net 29%
reduction in operating loss and a $3.6 million gain on the sale of the Company's
7% interest in Kulthorn Kirby Public Limited, partially offset by higher net
interest expense. The increase in interest expense reflected the higher average
interest rates associated with the Company's current borrowing arrangements. The
gain on the sale of Kulthorn Kirby stock is included in the interest income and
other, net line item. The sale of the stock was completed in conjunction with
the end of a licensing arrangement between the Company's Compressor business and
Kulthorn Kirby, a manufacturer of compressors based in Thailand.

      In determining loss from continuing operations, the Company recognized a
tax benefit of $5.6 million. The benefit resulted from U.S. accounting rules
that specify allocation methods, which are applied by tax jurisdiction, between
items recognized in the Statement of Operations versus the other comprehensive
income portion of stockholders' equity. In the first quarter, the Company had
other comprehensive income for which tax expense was reflected directly in
equity. A related tax benefit was reflected in loss from continuing operations
resulting from the reversal of deferred tax valuation


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<PAGE>
allowances due to the associated deferred tax liability for tax expense
recognized in other comprehensive income.

      During the first quarter of 2006, the Company approved a plan to sell 100%
of its ownership in Little Giant Pump Company to Franklin Electric Company, Inc.
The sale was completed April 21, 2006. Based upon the approval of such plan, the
operating results of Little Giant Pump Company for 2006 and the comparable prior
year periods have been reclassified from continuing operations to income from
discontinued operations. Under accounting rules, the Company has also allocated
the portion of its interest expense associated with this operation to the
discontinued operations line item. Proceeds from the sale were approximately
$121 million at closing and are subject to post-closing adjustments. The Company
expects to recognize a gain on the sale of approximately $67 million to $72
million in its second quarter financial results. In addition, gains associated
with curtailment of employee benefits formerly provided to Little Giant
employees will be reflected in future financial results. As required by the
Company's lending agreements, the proceeds were utilized to repay a portion of
the Company's debt.

      Consolidated net sales from continuing operations in the first quarter of
2006 increased to $446.1 million from $440.2 million in 2005. Excluding the
increase in sales due to the effects of currency fluctuation of $9.1 million,
2006 first quarter sales declined by $3.2 million. While sales improved in the
Compressor and Electrical Components segments, declines in sales in the Engine &
Power Train segment more than offset the increases.

COMPRESSOR BUSINESS

      First quarter 2006 sales in the Compressor business increased to $251.5
million from $241.0 million in the prior year. The effects of foreign currency
translation increased current quarter sales by $9.2 million. Overall, unit sales
volumes were relatively consistent with the prior year with some change in
product mix.

      Compressor business operating income for the first quarter of 2006 was
$6.6 million compared to $8.6 million in the first quarter of 2005. The
operating income decrease was attributable to an unfavorable product mix and
higher material and other input costs offset by productivity improvements.
Despite a Brazilian Real that was on average 16% stronger against the U.S.
Dollar in the first quarter of 2006 versus 2005, hedging activities mitigated
the financial impact.

ELECTRICAL COMPONENTS BUSINESS

      Electrical Components business sales were $109.1 million for the first
quarter of 2006, an increase of 8.9% over sales of $100.2 million in the same
quarter last year. Volume increases in residential and commercial motor markets
of approximately 16%, where HVAC markets were particularly robust, more than
compensated for a decrease of approximately 11% in the automotive motor market,
as a result of lower build schedules and share losses by the Company's customers
at their respective OEM customers.

      Electrical Components operating income for the first quarter of 2006 was
$4.9 million compared to a loss of $1.1 million in the first quarter of 2005.
The improvement was primarily due to higher sales volumes, improved operational
efficiencies, and pricing actions taken during 2005.


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<PAGE>
ENGINE & POWER TRAIN BUSINESS

      Engine & Power Train business sales were $80.9 million in the first
quarter of 2006 compared to $94.9 million for the same period a year ago. The
decline in sales for the first quarter was due to the loss of sales into the
European market from the Company's former Italian subsidiary. As previously
disclosed on December 28, 2005, the Company closed the engine manufacturing
operations of its wholly owned subsidiary, Tecumseh Europa S.p.A., located in
Turin, Italy. The shutdown was accomplished through an Italian form of
court-supervised liquidation. The effects of the liquidation were reflected in
the Company's 2005 results. The Italian subsidiary was the primary, but not
sole, source of engines for sales in the European market. This decline in unit
volumes sold into Europe was partially offset by an increase in volumes sold
into the United States that were primarily attributable to the placement of the
Company's engines on additional product applications at existing customers.
North American engine unit deliveries were approximately 11% greater than the
prior year's first quarter.

      Engine & Power Train business operating loss for the first quarter of 2006
was $18.5 million compared to a loss of $20.9 million during the same period a
year ago. Included in the 2006 loss were Alix Partners' fees of $9.0 million and
a $3.5 million gain from the sale of the Douglas, Georgia engine facility.
Exclusive of these two items, operating results improved by approximately 38%.
The improvement reflected lower fixed costs associated with plant closures,
higher productivity levels in Brazil, the non-recurrence of costs associated
with a transmission recall, and higher U.S. volumes, partially offset by higher
commodity and transportation costs and a less favorable value of the Brazilian
Real.

LIQUIDITY AND CAPITAL RESOURCES

       For the first quarter 2006, cash used by operations amounted to $44.5
million, reflecting both an operating loss and net investments in working
capital items. However, this represented an improvement of $22.9 million or 34%
compared to the first quarter 2005, primarily as a result of better management
of working capital over the respective quarters as sales were more in line with
expectations. The cash used to fund operations and capital expenditures was
provided by existing cash balances and through a refinancing of the Company's
debt during the quarter.

      During the first quarter, the Senior Guaranteed Notes and Revolving Credit
Facility outstanding at December 31, 2005 were replaced by a new financing
package that included a $275 million First Lien Credit Agreement and a $100
million Second Lien Credit Agreement. The agreements provide for security
interests in substantially all of the Company's assets and specific financial
covenants related to EBITDA, capital expenditures, and fixed charge coverage.
Additionally, under the terms of the agreements, no dividends can be paid prior
to December 31, 2006 and minimum amounts of credit availability are required
before dividends can be paid thereafter. The new arrangements bore a weighted
average annual interest rate of 9.0% based upon outstanding balances at closing
versus the rate of 6.6% applicable to the $250 million Senior Guaranteed Notes.

      Also, as previously noted, subsequent to March 31, 2006, proceeds from the
sale of Little Giant Pump Company were used to repay portions of the new debt
arrangements. Approximately, 63% of the proceeds were applied against the First
Lien borrowing and 37% against the Second Lien borrowing. After giving affect to
the repayments, the weighted average annual interest rate of these borrowings
was 8.8%.


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<PAGE>
OUTLOOK

      Information in this "Outlook" section should be read in conjunction with
the cautionary language and discussion of risks included below.

      The outlook for the remainder of 2006 is subject to the same variables
that negatively impacted the Company throughout 2005. Commodity costs, key
currency rates, weather and the overall growth rates of the respective economies
around the world are all important to future performance. Overall, the Company
does not expect these factors to become any more favorable during the year. In
fact, certain key commodities, including copper, aluminum, and steel have risen
precipitously in recent months. From January 1, 2006 through April 28, 2006, the
prices of copper and aluminum have increased approximately 59% and 21%,
respectively.

      The Company expects 2006 results to reflect those actions it has been
taking to reduce costs and, potentially, the benefits of new product
introductions, to the extent they are accepted in the market, and has not
assumed any improvements from currencies or commodity costs. Given the recent
escalation in commodity costs, realization of net improvement in total results,
which is largely expected in the latter half of the year, will greatly depend on
the Company's ability to pass on to its customers the cost of these sizeable
commodity price increases, which are hedged to a lesser extent in the later
months of the year.

      With respect to each of the Company's segments, results in the Compressor
Group are expected to lag the results of 2005 throughout the year. The
Electrical Components Group, which has demonstrated monthly year over year
improvement since August of 2005, is expected to continue its improvement
through 2006. The Engine and Power Train business has taken several major steps
to eliminate overcapacity and costs that will benefit 2006, with the most
significant improvements expected in the fourth quarter of the year.

      The Company will continue to focus its efforts on improving the
profitability and competitiveness of its worldwide operations. It is possible
that additional production relocation and consolidation initiatives will take
place during 2006 that could have an effect on the consolidated financial
position and future results of operations of the Company. In addition, the
Company continues to evaluate potential acquisitions, joint ventures and
dispositions that could improve the overall competitiveness and financial
position of the Company and enhance its product offerings. Such transactions
could also have an effect on future results of operations.


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<PAGE>
RESULTS BY BUSINESS SEGMENTS (UNAUDITED)

<Table>
<Caption>
                                                                                                        Three Months Ended
    (Dollars in millions)                                                                                    March 31,
                                                                                                        -------------------
                                                                                                         2006         2005
                                                                                                        -------------------
<S>                                                                                                     <C>          <C>
NET SALES:
    Compressor Products                                                                                 $251.5       $241.0
    Electrical Components Products                                                                       109.1        100.2
    Engine & Power Train Products                                                                         80.9         94.9
    Other (a)                                                                                              4.6          4.1
                                                                                                        ------       ------
         Total net sales                                                                                $446.1       $440.2
                                                                                                        ======       ======
OPERATING INCOME (LOSS):
    Compressor Products                                                                                 $  6.6       $  8.6
    Electrical Components Products                                                                         4.9         (1.1)
    Engine & Power Train Products                                                                        (18.5)       (20.9)
    Other (a)                                                                                              0.3         (0.2)
    Corporate expenses                                                                                    (4.0)        (2.3)
    Impairments, restructuring charges, and other items                                                   (0.6)        (0.1)
                                                                                                        ------       ------
         Total operating loss from continuing operations                                                 (11.3)       (16.0)
Interest expense                                                                                          (8.4)        (6.3)
Interest income and other, net                                                                             5.0          3.3
                                                                                                        ------       ------
LOSS FROM CONTINUING OPERATIONS BEFORE TAXES                                                            ($14.7)      ($19.0)
                                                                                                        ======       ======
</Table>

(a)  "Other" consists of non-reportable business segments.

Previously, the Company also reported a Pump Products business segment. However,
as a result of the decision to sell Little Giant Pump Company, which represented
approximately 90% of the previously reported segment, such operations are no
longer included in loss from continuing operations before tax. As the Company's
remaining pump business does not meet the definition of an operating segment as
defined by SFAS No. 131, "Segment Reporting," accordingly, the Company will no
longer report a Pump Products segment, and operating results of the remaining
pump business are included in Other for segment reporting purposes.


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<PAGE>
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED)

<Table>
<Caption>
                                                                                                MARCH 31,        December 31,
(Dollars in millions)                                                                             2006              2005
                                                                                                --------         --------
<S>                                                                                             <C>              <C>
ASSETS
  CURRENT ASSETS:
    Cash and cash equivalents                                                                   $   82.8         $  116.6
    Accounts receivable, net                                                                       232.6            211.1
    Inventories                                                                                    348.4            346.8
    Other current assets                                                                           131.6            132.6
    Assets held for sale                                                                            48.3               --
                                                                                                --------         --------
         Total current assets                                                                      843.7            807.1
  PROPERTY, PLANT AND EQUIPMENT -- NET                                                             590.1            578.6
  GOODWILL AND OTHER INTANGIBLES                                                                   182.1            185.7
  OTHER ASSETS                                                                                     240.0            229.1
  ASSETS HELD FOR SALE                                                                              14.7               --
                                                                                                --------         --------
         TOTAL ASSETS                                                                           $1,870.6         $1,800.5
                                                                                                ========         ========

LIABILITIES AND STOCKHOLDERS' EQUITY
  CURRENT LIABILITIES:
    Accounts payable, trade                                                                     $  201.7         $  187.3
    Short-term borrowings                                                                          121.2             82.5
    Accrued liabilities                                                                            136.0            135.3
    Liabilities held for sale                                                                       15.0               --
                                                                                                --------         --------
         Total current liabilities                                                                 473.9            405.1
  LONG-TERM DEBT                                                                                   281.8            283.0
  DEFERRED INCOME TAXES                                                                             16.8             25.0
  PENSION AND POSTRETIREMENT BENEFITS                                                              226.0            226.1
  PRODUCT WARRANTY AND SELF-INSURED RISKS                                                           12.6             14.5
  OTHER NON-CURRENT LIABILITIES                                                                     36.3             32.4
                                                                                                --------         --------
         Total liabilities                                                                       1,047.4            986.1
  STOCKHOLDERS' EQUITY                                                                             823.2            814.4
                                                                                                --------         --------
         TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                                             $1,870.6         $1,800.5
                                                                                                ========         ========
</Table>

CONSOLIDATED CONDENSED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED)

<Table>
<Caption>
                                                                                                         Three Months Ended
  (Dollars in millions)                                                                                       March 31,
                                                                                                         -------------------
                                                                                                          2006        2005
                                                                                                         ------     --------
<S>                                                                                                      <C>        <C>
TOTAL STOCKHOLDERS' EQUITY
  BEGINNING BALANCE                                                                                      $814.4     $1,018.3
Comprehensive income (loss):
  Net loss                                                                                                 (9.6)       (12.4)
  Other comprehensive income                                                                               18.4          1.2
                                                                                                         ------     --------
Total comprehensive income (loss)                                                                           8.8        (11.2)
Cash dividends declared                                                                                      --         (5.9)
                                                                                                         ------     --------
TOTAL STOCKHOLDERS' EQUITY
  ENDING BALANCE                                                                                         $823.2     $1,001.2
                                                                                                         ======     ========
</Table>


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<PAGE>
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

<Table>
<Caption>
                                                                                                    Three Months Ended
(Dollars in millions)                                                                                    March 31,
                                                                                                  -----------------------
                                                                                                   2006             2005
                                                                                                  ------           ------
<S>                                                                                              <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:

           Cash used by operating activities                                                      ($44.5)          ($67.4)
                                                                                                  ------           ------
CASH FLOWS FROM INVESTING ACTIVITIES:
  Proceeds from sale of assets                                                                       9.0               --
  Capital expenditures                                                                             (20.0)           (28.7)
  Business acquisition                                                                              (2.0)              --
                                                                                                  ------           ------
           Cash used in investing activities                                                       (13.0)           (28.7)
                                                                                                  ------           ------
CASH FLOWS FROM FINANCING ACTIVITIES:
  Dividends paid                                                                                      --             (5.9)
  Repayment of Senior Guaranteed Notes                                                            (250.0)           (50.0)
  Repayment of Industrial Development Revenue Bonds                                                (10.5)              --
  Proceeds from First Lien Credit Agreement                                                        168.3               --
  Proceeds from Second Lien Credit Agreement                                                       100.0               --
  Other proceeds, net                                                                               16.2              8.5
                                                                                                  ------           ------
           Cash provided by (used in) financing activities                                          24.0            (47.4)
                                                                                                  ------           ------
EFFECT OF EXCHANGE RATE CHANGES ON CASH                                                             (0.3)             1.1
                                                                                                  ------           ------
DECREASE IN CASH AND CASH EQUIVALENTS                                                              (33.8)          (142.4)
CASH AND CASH EQUIVALENTS:
  Beginning of period                                                                              116.6            227.9
                                                                                                  ------           ------
  End of period                                                                                   $ 82.8           $ 85.5
                                                                                                  ======           ======
</Table>


CAUTIONARY STATEMENT RELATING TO FORWARD-LOOKING STATEMENTS

     This report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject to the safe
harbor provisions created by that Act. In addition, forward-looking statements
may be made orally in the future by or on behalf of the Company. Forward-looking
statements can be identified by the use of terms such as "expects", "should",
"may", "believes", "anticipates", "will", and other future tense and
forward-looking terminology.

     Readers are cautioned that actual results may differ materially from those
projected as a result of certain risks and uncertainties, including, but not
limited to, i) changes in business conditions and the economy in general in both
foreign and domestic markets; ii) the effect of terrorist activity and armed
conflict; iii) weather conditions affecting demand for air conditioners, lawn
and garden products, portable power generators and snow throwers; iv) the
success of the Company's ongoing effort to bring costs in line with projected
production levels and product mix; v) financial market changes, including
fluctuations in interest rates and foreign currency exchange rates; vi) economic
trend factors such as housing starts; vii) emerging governmental regulations;
viii) availability and cost of materials, particularly commodities, including
steel, copper and aluminum, whose cost can be subject to significant variation;
ix) actions of competitors; x) the ultimate cost of resolving environmental and
legal matters; xi) the Company's ability to profitably develop, manufacture and
sell both new and existing products; xii) the extent of any business disruption
that may result from the restructuring and realignment of the Company's
manufacturing operations or system implementations, the ultimate cost of those
initiatives and the amount of savings actually realized; xiii) potential
political and economic adversities that could adversely affect anticipated sales
and production in Brazil; and xiv) potential political and economic adversities
that could adversely affect anticipated sales and production in India, including
potential military conflict with neighboring countries. These forward-looking
statements are made only as of the


                                       7
<PAGE>
date hereof, and the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information, future
events or otherwise.

     Tecumseh Products Company will host a conference call to report on the
first quarter 2006 results on Thursday, May 4, 2006 at 11:00 a.m. ET. The call
will be broadcast live over the Internet and then available for replay through
the Investor Relations section of Tecumseh Products Company's website at
www.tecumseh.com.

     Press releases and other investor information can be accessed via the
Investor Relations section of Tecumseh Products Company's Internet web site at
http://www.tecumseh.com.

     Contact:  Pat Walsh
               Tecumseh Products Company
               517-423-8455


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